Crypto World
llinois 0.2% crypto tax faces new industry lawsuit
Two U.S. crypto trade groups have sued three Illinois officials to stop a 0.2% digital asset tax from taking effect on Jan. 1, 2027.
Summary
- The Blockchain Association and Crypto Council for Innovation want the court to block the tax before its 2027 start.
- The complaint alleges violations of the U.S. Constitution, the Illinois Constitution, and the federal Internet Tax Freedom Act.
- Brokers could face registration, collection, reporting, and recordkeeping duties backed by civil and criminal penalties.
- The Digital Chamber filed a separate lawsuit against the same tax in July.
Illinois crypto tax faces six legal claims
The 39-page complaint, filed by the Blockchain Association and Crypto Council for Innovation in Sangamon County Circuit Court, seeks declaratory and injunctive relief against the Digital Asset Tax Act.
Filed against Illinois Department of Revenue Director David Harris, Attorney General Kwame Raoul, and Sangamon County State’s Attorney John Milhiser, the case challenges the officials responsible for implementing, collecting, and enforcing the tax.
According to the filing, Illinois would impose the levy on the full value of a customer’s digital assets whenever a covered broker exchanges, transfers, or stores them. The groups said a customer could owe the tax even without selling an asset, transferring ownership, or earning a profit.
The complaint sets out six counts under federal and state law. CCI and the Blockchain Association allege that the measure violates the federal Internet Tax Freedom Act, the Commerce Clause, and due process protections under the U.S. Constitution.
At the state level, the groups claim the tax violates Illinois’ Uniformity Clause, unlawfully delegates tax policy to an administrative agency, and fails to meet a state constitutional rule requiring bills to be read by title on three separate days in each legislative chamber.
Calling the measure “unconstitutionally vague,” the plaintiffs said brokers and Illinois customers cannot determine with enough certainty which activities fall under the law or who must collect and remit the tax. The groups argued that the uncertainty carries serious consequences because statutory violations could expose a broker to a Class 3 felony.
The filing also claims that some association members are already spending money on outside legal and tax advice and changing their systems to calculate, collect, and record the levy. According to the plaintiffs, withholding court review would leave affected firms with a choice between limiting service to Illinois customers and risking criminal liability.
Groups say interstate transactions could be taxed twice
Under its Commerce Clause claim, the complaint argues that Illinois has not fairly limited the tax to economic activity within the state. The law allows officials to treat a transaction as occurring in Illinois by relying on details such as a customer’s address, account records, or IP address.
The groups said another state could use its own location test for the same transaction, raising the possibility that two jurisdictions would tax one transfer. A customer with an Illinois address who completes an online transaction while visiting another state could therefore create competing tax claims if both states adopted similar rules, according to the filing.
Illinois also lacks a credit for comparable tax paid to another state, the complaint said. On that basis, the plaintiffs allege that the measure could place interstate digital asset activity at a disadvantage compared with transactions conducted entirely within one state.
Summer Mersinger, CEO of the Blockchain Association and a former Commodity Futures Trading Commission member, said states can support new industries but must remain within constitutional limits.
“Illinois cannot impose a novel tax regime that discriminates against digital commerce, creates uncertainty for consumers and businesses, and threatens to fragment a rapidly growing national market.”
The Internet Tax Freedom Act claim focuses on the tax treatment of online commerce. According to the complaint, the federal law prevents states from imposing discriminatory taxes on electronic transactions when equivalent offline activity receives more favorable treatment.
Illinois does not impose the same levy on the exchange, transfer, or storage of cash, stocks, bonds, or precious metals, the plaintiffs said. The filing gives the example of an Illinois resident who can store gold in a safe deposit box without paying the new tax but would face the 0.2% charge when using a service to hold Bitcoin.
Brokers and Illinois customers could both owe duties
As crypto.news reported in June, Governor JB Pritzker signed the tax into law as part of Illinois’ $55.9 billion fiscal 2027 budget. State budget documents estimated that the levy could generate about $60 million annually.
The law places a 0.2% “privilege tax” on the value of digital assets tied to covered business activity received by an Illinois customer. Covered services include exchanging, transferring, and storing digital assets through a broker.
According to tax advisory firm BDO USA, certain out-of-state brokers can fall under the law when they receive at least $100,000 from Illinois customers during a 12-month period. Location tests can draw on billing details, customer records, mailing addresses, and IP information.
Covered brokers must register with the Illinois Department of Revenue, collect the tax from customers as a separate charge, keep transaction records, and submit monthly filings. When a broker does not collect the levy, the statute directs the customer to assess the amount and pay the department by the 20th day of the following month.
The latest complaint says different sections of the law create uncertainty over which firms must follow each requirement. While one part places collection duties on brokers with an Illinois place of business, another appears to require the broker completing a sale to collect the levy without applying the same revenue threshold, according to the plaintiffs.
CCI and the Blockchain Association also challenged how lawmakers passed the measure. Their filing said Senate Bill 3019 began in January as a two-page proposal concerning loans for agricultural property before lawmakers replaced its contents on the final day of the legislative session.
Two amendments expanded the legislation into a 1,624-page package covering subjects ranging from vehicle weight rules to sports wagering. The complaint said the digital asset provisions took up fewer than 20 pages and contained no legislative findings explaining the tax.
According to the groups, House and Senate committees gave the public about an hour or less of notice before hearings, while both chambers passed the rewritten bill within 24 hours. Pritzker signed it on June 16 as Public Act 104-468.
A second lawsuit targets the same 0.2% levy
The case is the second industry challenge filed against the Illinois tax. In July, the Digital Chamber filed its own lawsuit in the same state court, arguing that Illinois had taxed digital asset services differently from economically similar transactions involving traditional assets.
The Digital Chamber asked the court to declare the law void and unenforceable. Its complaint also alleged violations of federal and state constitutional protections and challenged the state’s decision to base tax treatment on the technology used to record or move an asset.
Public objections began before the budget became law. The Crypto Council for Innovation asked Pritzker to remove the digital asset provisions through a line-item veto, while the Digital Chamber and Illinois Blockchain Association said lawmakers gave affected businesses no meaningful notice.
Strategy co-founder Michael Saylor later called the law a “Big Mistake.” Miles Jennings, general counsel and head of policy at a16z Crypto, said in June that no comparable state financial transaction tax applied to stocks, bonds, or derivatives.
Illinois has also faced a separate court fight over prediction markets. Kalshi challenged a state law that treats sports event contracts as wagers and requires operators to obtain state licenses.
In its federal complaint, Kalshi argued that the Commodity Exchange Act gives the CFTC exclusive authority over contracts listed by federally regulated markets. The company said complying with the Illinois licensing system would create additional expenses, while blocking state residents could require new geofencing systems.
Pritzker had earlier signed Executive Order 2026-04 restricting state employee trading on prediction platforms when nonpublic information obtained through official duties could be used to make a profit or avoid a loss.
Tokenized real-world assets on Solana are nearing $4 billion as network activity accelerates alongside a broader recovery in crypto markets.
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Bitcoin crossed $80,000 for the first time since May, extending its seven-day advance to roughly 25%.
“Together, there could be a possibility they’re quite lethal,” Trump said of the combined shot, which has been in use for more than 50 years and has a strong safety and efficacy record.
Doctors and vaccine scientists said Trump’s executive order and comments were unscientific and misleading. “As measles cases reach a 35-year high in the U.S. and with cold and flu season quickly approaching, [the] executive order on vaccines is not only disheartening but dangerous,” Dr. Andrew Racine, president of the American Academy of Pediatrics (AAP), said in a statement at the time.
An additional early dose of the vaccine can also be given to children aged 6 to 11 months under some circumstances, says Dr. Elizabeth Murray, a pediatric emergency medicine physician in Rochester, N.Y. “With the ongoing measles outbreak, make sure your children are immunized. If your child is under age 1, talk to your doctor. Depending on how much measles is circulating where you live, your doctor may recommend an earlier dose,” she says.
Bitcoin (BTC) broke higher last week, ending a multi-month range and closing near $77,700. The move followed a $62,750 weekly low, marking a nearly 24% rise as the leading cryptocurrency topped $71,000 on August 20.
The rally came despite August’s historically weak performance for Bitcoin, according to the Bitfinex Alpha report. The report noted that August has typically delivered negative median returns, making last week’s move a notable shift from the month’s historical pattern.
Liquidity and ETF Demand Strengthen Bitcoin’s Breakout
A key catalyst was the U.S. Treasury’s expansion of its bond buyback program. The announcement triggered a liquidity response, while $3 billion in Bitcoin short positions were liquidated over two days, marking the largest short-side wipeout on record.
Long liquidations remained limited, while futures open interest rose to $51 billion. That combination suggests fresh positions entered the market rather than the rally coming only from traders closing leverage.
Beyond the derivatives market, spot demand provided another source of support. U.S. Bitcoin exchange-traded funds (ETFs) posted about $1.92 billion in weekly net inflows, their strongest weekly total since October 2025. That lifted assets under management above $96 billion.
Corporate activity, however, remained subdued. Strategy, the largest publicly traded corporate Bitcoin holder, reported no BTC purchases or sales in its filing. The pause came after a period of activity and left its average acquisition price at around $75,385, below the market price. With BTC now above that level, the company has moved from a $9.5 billion paper loss to a $4.7 billion paper profit.
Mixed Signals Emerge Beneath the Breakout
Bitfinex analysts said Strategy could influence whether Bitcoin maintains the breakout because the company stopped selling shortly before BTC moved beyond its summer range. The shift removes one source of supply pressure that had been present during the consolidation.
Meanwhile, on-chain activity presents a more cautious picture. Bitcoin transfer volumes remain close to eight-year lows, suggesting network activity has not matched the price move. At the same time, short-term holders with cost bases near $64,500 and $73,500 have moved into profit.
Those holders could help turn previous resistance into support if the breakout holds. Bitfinex identified thin supply between current prices and a heavier concentration around $84,000 to $85,000, creating a potential next hurdle.
The broader liquidity backdrop also supports this interpretation. Mortgage rates fell for a second week while housing activity remained weak. Builders kept cutting prices as housing starts fell, suggesting easier financial conditions may reach asset markets before the wider economy.
The post Bitcoin’s Massive Breakout: Here’s Why Analysts Say This Rally Is Different appeared first on CryptoPotato.
Trades in a thinly traded Pendle yield market triggered $36.1 million of liquidations on Morpho early Tuesday, closing out leveraged positions in about 14 minutes while leaving lenders whole. Pendle and vault curator Steakhouse Financial both said the price feed did what it was built to do. The… Read the full story at The Defiant
XRP price trades at the $1.50 area right now, but that flat 24-hour print masks a wild three-week stretch from $1.00 to nearly $1.70 that defies bearish prediction. There’s a bigger story sitting underneath this chart, and it involves an ETF category that went from irrelevant to indispensable almost overnight.
Spot XRP ETFs posted $39.78 million in net inflows last week, the strongest weekly haul since mid-May. It has pushed cumulative net inflows to roughly $1.55 billion. It’s a sharp reversal from the week ending Aug. 8, when inflows had collapsed to just $1.01 million. Zero to hero, indeed.
The shift coincides almost exactly with XRP’s breakout above $1.20. This is confirmation that institutional appetite for XRP exposure isn’t dead, it’s just impatient.
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XRP Price Prediction: Hit $1.60 This Week?
XRP sits at the $1.50 area, with an intraday range between $1.46 and $1.54, reflecting a market still digesting last week’s 50% surge. Volume has cooled from the breakout spike but remains elevated relative to early August.
The immediate technical fight is at $1.51 resistance, with $1.60 and the recent high of $1.7 as the next upside checkpoints. On the downside, $1.45 is the level bulls need to defend; a break below opens the door to $1.36 and, worst case, a retest of the $1.00 floor.
RSI is sitting in overbought territory on the daily chart, with price sandwiched between the EMA20 and EMA50 in a setup that often precedes consolidation rather than continuation.
If XRP can sustain its ETF inflows, it could push XRP through $1.51 and $1.60 toward new highs. But consolidation could also happen between $1.36 and $1.51 while momentum resets.
However, if inflows stall and RSI unwinds hard, $1.00 could come back into play.
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Bitcoin Hyper Targets Early Mover Upside as XRP Tests Key Levels
XRP holders riding the move from $1.00 have already banked real gains, but a token with a market cap north of $85 billion doesn’t double from here without a genuine catalyst.
Overbought RSI and stacked resistance near $1.60 suggest the easy money on this leg may already be made. That’s pushing capital toward earlier-stage infrastructure plays with more room to run.
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The presale has raised $33 million at a current token price of $0.0136852, with a high 35% APY staking already live for early buyers. The pitch: low-latency L2 processing, a decentralized canonical bridge for BTC transfers, and programmability Bitcoin was never built for.
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The post XRP Price Prediction: ETF Moves From Zero to Hero in 3 Months appeared first on Cryptonews.
Bitcoin (BTC) crossed $80,000 for the first time since May on Tuesday, reaching a local high of $81,265 before retreating to $80,601. The flagship cryptocurrency’s recovery has seen it gain around 38% since falling to a low of $58,000 in late June.
Market watchers and analysts are cautiously optimistic about the rally translating into a bull market, primarily because of prevailing geopolitical uncertainty and inflation concerns.
Bitcoin Reaches Multi-Month High
Bitcoin (BTC) crossed $80,000 for the first time in 15 weeks, continuing its recent rally and gaining around 28% in little over a week. The flagship cryptocurrency’s rally has added $350 billion to its market capitalization as buyer interest returned after a period of subdued activity. The rally triggered market confidence, with the Bitcoin Fear & Greed Index rising to 81 on CoinMarketCap, firmly in “Extreme Greed” territory. While BTC’s rally has erased the losses accumulated since May, it now enters a zone that has previously witnessed heavy selling.
BTC is currently testing the resistance zone between $80,000 and $82,000. A close above these levels will confirm that demand persists. However, if the price fails to hold above $80,000, it could retrace towards $76,000, the nearest support zone. Several indicators support the short-term bullish structure. The Money Flow Index is currently above 77, indicating significant buyer interest. However, it is close to its overbought level, indicating chances of a reversal.
Analysts Cautiously Optimistic
While analysts and market watchers are optimistic, they believe the current rally is a catch-up trade rather than the beginning of a new bull cycle. Min Jung, associated researcher at Presto Research, stated,
“While it’s too early to call this a full-blown bull market, the move above $80,000 and the ETF inflows look like a catch-up trade since bitcoin has been lagging other risk assets for a while now.”
Jeff Mei, COO of BTSE, also struck a cautious note, highlighting tight liquidity conditions, inflation, and geopolitical uncertainty. Mei added they would consider a bull market only if BTC holds above $100,000, and the Federal Reserve cuts interest rates.
“I’d presume a bull market only after we sustain $100,000 for a month and the Fed signals rate cuts, which are still uncertain.”
Bitcoin’s Bull Case
However, some analysts believe Bitcoin’s rally and robust spot ETF inflows present a good case for a sustainable rally and bull market. Additionally, the broader cryptocurrency market has also rallied, with Ethereum (ETH), Ripple (XRP), and Solana (SOL) recording substantial double-digit increases. Justin d’Anethan, head of research at Arctic Digital, stated,
“The strength of the move, creating a large bullish engulfing candle on the daily, weekly, and potentially soon on the monthly, seems to hint at a radical trend change, from the boring accumulation to an ‘up’ market.”
d’Anethan added that the US Treasury’s decision to double bond buybacks is a strong indicator of easing monetary and liquidity conditions, which could fuel the rally further.
“More importantly, the key driver of this move (the U.S. Treasury decision to artificially lower rates by buying back bonds) sends a powerful and solid signal that monetary conditions and thus capital are easing up. It’s easy to see why BTC, which underperformed in the first half of 2026, would be the prime beneficiary of this.”
What Does Bitcoin Need For A Sustained Rally
Dominick John, analyst at Zeus Research, highlighted the macroeconomic conditions needed to sustain the current rally. According to the analyst, softer inflation numbers, lower treasury yields, and a weaker dollar were crucial to sustain the rally.
“A softer-than-expected reading could boost risk assets, while a hotter print could pressure yields and liquidity.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
India is reportedly preparing to test the issuance of tokenized corporate bonds, with a pilot expected to begin as early as September. The initiative centers on blockchain-based bond transactions that would be settled using India’s central bank digital currency (CBDC), according to Reuters.
REC Limited, a state-controlled power infrastructure finance company, is said to plan an initial bond issuance of less than 5 billion Indian rupees (about $57 million). Reuters reported the figure after consulting three sources familiar with the plans.
Key takeaways
- REC Limited is reportedly preparing India’s first tokenized corporate bond issuance as part of a September pilot.
- The pilot is expected to use India’s central bank digital currency for purchasing the tokenized bonds.
- Investors may need two separate digital accounts: a wholesale CBDC wallet and a new electronic securities wallet.
- India’s securities depositories are developing “DEMAT 2.0” to track bond ownership using distributed ledger technology.
- An initial three-month lockup is expected, with secondary-market trading targeted for development by December.
A pilot designed around CBDC settlement
Reuters says the tokenized bonds would be bought using India’s central bank digital currency, with participating investors required to hold two digital accounts. One would be a wholesale CBDC wallet provided by a bank, while the other would be a new electronic securities wallet that supports ownership records for the tokenized instruments.
This structure matters because it aims to connect two distinct parts of the financial plumbing: settlement (via CBDC) and securities ownership tracking (via a securities wallet built for tokenized assets). If the pilot proceeds as described, it would provide a practical test of whether wholesale CBDC can be used smoothly to move funds in tandem with tokenized bond transfers.
DEMAT 2.0 and the move toward distributed ownership records
A key component of the plan is the development of “DEMAT 2.0,” according to Reuters. The upgrade is being built by Indian securities depositories to record bond holdings using distributed ledger technology.
While tokenization is often discussed as a technical upgrade, the operational question is whether existing depository infrastructure can be adapted to manage tokenized securities reliably. The reported creation of DEMAT 2.0 suggests Indian market infrastructure providers are focusing on a more direct, ledger-based approach to tracking ownership—potentially reducing friction between issuance, transfer, and settlement workflows.
Reuters also reported that India’s central bank and securities regulator are involved: the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are working with relevant stakeholders on the initiative.
Who will participate and how trading could evolve
The Reuters report indicates the initial pilot may be limited to a select group of investors, and that details could be unveiled during an annual financial technology event in Mumbai in September.
In addition, Reuters says the tokenized bonds would carry a three-month lockup period at the start. It also reports that exchanges are expected to develop a secondary market for the tokenized bonds by December.
That timeline points to a phased approach. First comes controlled issuance and settlement for a narrow group of investors, followed later by efforts to enable broader liquidity through secondary-market trading. For market participants, secondary-market availability is often the difference between a tokenized instrument that remains largely experimental versus one that can become a functional part of credit markets. Investors will likely watch whether secondary trading is implemented as expected and whether it supports price discovery comparable to traditional bond venues.
Regulators and the next checkpoint
Reuters reported that Cointelegraph contacted the RBI, SEBI, and REC for comment on the plans but had not received responses at the time of publication. That leaves some specifics—such as eligibility criteria for participating investors beyond “a select group,” and the precise mechanics of the secondary market—unclear.
Even so, the core framework described by Reuters is clear: tokenized corporate bonds would be issued by a major state-controlled finance entity, settled using wholesale CBDC, and tracked through a new ledger-enabled securities wallet (DEMAT 2.0). The next question for investors and builders is whether the pilot demonstrates operational readiness at each step—issuance, settlement, custody/recordkeeping, and eventual transfer into a secondary market.
For readers following crypto’s relationship with regulated finance, the key watch items are whether India’s pilot launches on schedule in September, how tightly the lockup/secondary-trading plan is executed, and what the RBI and SEBI ultimately confirm about the infrastructure and investor access requirements.
Goldman Sachs has backed Coinbase and Robinhood shares as Bitcoin’s 26% weekly rally has lifted the cryptocurrency above $80,000 despite an extended decline in market trading volume.
Summary
- Goldman Sachs maintained buy ratings on Coinbase and Robinhood, with targets of $196 and $124.
- Crypto trading volume fell 30% in July before declining another 21% in August.
- Goldman disclosed about $86.5 million of exposure across five spot XRP ETFs for the second quarter.
- Bitcoin reached roughly $81,255 before profit-taking pulled its price back toward $79,000.
Goldman Sachs expects crypto activity to recover
Goldman Sachs said in its latest Americas Brokerage and Crypto Industry report, circulated on X, that crypto trading volumes dropped 30% in July and another 21% in August. Analysts described the current slowdown as longer than the previous five volume contractions examined by the bank.
Trading activity has fallen by roughly 75% from its recent peak, according to the report. During the past week, however, the total cryptocurrency market capitalization has recovered about 21% to $2.8 trillion.
Goldman analysts said trading volumes could begin recovering if the market maintains its current valuation. Rising asset prices can bring more retail and institutional activity to exchanges, providing additional transaction revenue for platforms such as Coinbase and Robinhood.
Although the bank remains cautious about weak volumes, its view of the crypto sector has become more positive for the second half of 2026. The report pointed to stronger token prices, developing US regulations, and new products that allow trading platforms to earn revenue outside conventional spot markets.
Regulatory uncertainty remains the most common concern among institutional investors surveyed by the bank. According to Goldman, 35% of respondents identified uncertain rules as the largest barrier to entering the market, while 32% named regulatory clarity as the main catalyst that could encourage adoption.
Recent developments in Washington have addressed parts of that concern. The Securities and Exchange Commission has proposed Regulation Crypto Assets, a framework covering certain investment contracts involving digital assets.
As previously reported by crypto.news, the proposal includes one exemption allowing qualifying startups to raise up to $5 million over four years. A separate route would permit eligible issuers to raise as much as $75 million during a rolling 12-month period.
The SEC framework also includes disclosure requirements and a conditional safe harbor. It would not automatically exempt every cryptocurrency or token transaction from federal securities laws, and interested parties will receive 60 days to submit comments after the proposal completes the required publication process.
Coinbase and Robinhood receive buy ratings
Against that regulatory and market backdrop, Goldman Sachs maintained buy ratings on Coinbase Global and Robinhood Markets. Analyst James Yaro raised the bank’s Coinbase price target to $196 from $173, while Goldman set a $124 target for Robinhood.
Coinbase shares have gained more than 21% over the past week, while Robinhood has risen about 12%, according to the supplied market report. The advances followed Bitcoin’s recovery and renewed demand for US-listed companies connected to digital assets.
Goldman’s positive assessment was not based only on expectations for higher cryptocurrency trading. Analysts also pointed to the companies’ expansion into tokenized stocks, prediction markets, perpetual futures, and other financial products.
Such additions can provide income when spot cryptocurrency volumes weaken. They can also expose both companies to new regulatory questions involving derivatives, securities, and event contracts in the United States.
Coinbase’s prediction-market business reached $100 million in annualized revenue less than two months after its launch, according to a July examination of the company’s fastest-growing product. Sports-related contracts produced much of the early activity, although several state regulators have challenged whether certain contracts amount to unlicensed gambling.
Robinhood has also expanded its prediction-market operation while developing products tied to tokenized securities. Bernstein projected in June that Robinhood’s prediction-market revenue could increase from $150 million in 2025 to $586 million in 2026, supported in part by trading linked to the FIFA World Cup.
The brokerage launched Robinhood Chain in July as an Ethereum layer-2 network built for tokenized stocks and other financial assets. Eligible users can trade supported products outside normal US market hours, although tokenized instruments may not provide the ownership, voting, and shareholder rights attached to ordinary shares.
Coinbase, meanwhile, has pursued its “everything exchange” strategy by adding event contracts and time-based prediction markets. The company has also expanded its derivatives business, reducing some of its dependence on fees from spot crypto trading.
Goldman Sachs rebuilds its XRP ETF exposure
Goldman Sachs has also returned to XRP-linked exchange-traded funds after reporting no positions in the products during the first quarter.
The bank disclosed approximately $86.5 million across five spot XRP ETFs in its second-quarter Form 13F, according to figures cited in the supplied report. Its holdings covered funds offered by Franklin Templeton, Bitwise, Canary Capital, 21Shares and Grayscale.
Goldman previously reported $153.8 million across four XRP funds at the end of 2025. By the end of the first quarter, however, the bank had removed all reported XRP and Solana ETF positions from its filing.
A June review of Goldman’s XRP ETF exit found that the bank had also increased its positions in several crypto-related stocks during the first quarter. Its reported holdings included shares of Coinbase, Circle, Bullish, Strategy, and MARA Holdings.
Form 13F reports disclose certain long US securities positions held by qualifying institutional investment managers at the end of each quarter. They do not show every transaction made during the reporting period, identify whether positions are held for clients or the bank itself, or reveal trades opened and closed between filing dates.
The second-quarter disclosure therefore confirms that Goldman held the XRP ETF positions at the end of June. It does not establish that the bank made a directional bet on XRP or intends to maintain the holdings.
Apart from the reported XRP ETF positions, Goldman is adding crypto-linked products to its asset-management business. In August, the bank agreed to acquire Neos Investments for as much as $2.25 billion, subject to regulatory approval.
Neos manages more than $30 billion across 19 options-based income ETFs. Three of its products provide exposure linked to Bitcoin and Ethereum while using options strategies to generate income. The acquisition is expected to close during the first quarter of 2027 if regulators approve the transaction.
Bitcoin breakout supports crypto stocks
Bitcoin has risen about 26% over the past week, reaching an intraday high of roughly $81,255 before easing toward $79,000. The move has supported cryptocurrency-linked stocks and helped the total digital asset market recover from its recent decline.
As discussed in our previous Bitcoin analysis, the pullback followed a rapid rally and profit-taking around $81,000. Bitcoin briefly moved below the psychological $80,000 level after reaching its multi-month high, though it retained most of its weekly advance.
Trading volume increased by almost 75% over the latest 24-hour period, according to the supplied market data. Coinbase and Robinhood shares advanced alongside the cryptocurrency, giving Goldman’s stock recommendations additional attention as US investors sought regulated exposure to the market recovery.
The rally began after the US Treasury doubled the size of its long-dated bond buyback operations, which pushed Treasury yields lower and supported risk assets. President Donald Trump’s renewed call for Congress to pass the CLARITY Act also added regulatory momentum to the move.
Goldman CEO David Solomon has supported advancing the CLARITY Act even as banking groups have raised concerns about stablecoin rewards. A July report on the bill’s Senate vote prospects said Solomon backed federal market-structure legislation despite disagreements within the banking industry.
The legislation would establish rules for determining whether certain digital assets fall under SEC or Commodity Futures Trading Commission oversight. It faces a procedural Senate vote scheduled for Sept. 15, with lawmakers still divided over stablecoin incentives, consumer protections and provisions involving public officials’ crypto interests.
Investors are also awaiting Wednesday’s US personal consumption expenditures inflation report. The Federal Reserve’s preferred inflation measure can influence Treasury yields and expectations for interest rates, affecting Bitcoin and US-listed crypto shares, including Coinbase and Robinhood.
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